Protests have dislocated Nigerian economy, left everyone loser – Economist, Ajibola

Prof Segun Ajibola, a renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers has said the ongoing hunger protest has dislocated the economy and left everyone a loser.

Prof Ajibola disclosed this in an interview with DAILY POST on Tuesday over the economic impact of the protests.

According to him, with the informal sector consisting of 45 percent of Nigeria’s economy, disruptions to human, and vehicular movement affect operators, especially nano, and scale business enterprises.

He noted that for areas where curfew had been declared by the government, roadside mechanics, barbers, hairdressers, vulcanizers, market men and women, artisans, hawkers, and laborers who earn their meal tickets from daily activities are worse hit.

He urged that for the sake of the economy, dialogue is always a better option instead of violent protests.

“Nigeria’s economy is widespread in scope as the informal sector accounts for about 45 percent of the economy.

“Disruptions to human and vehicular movements restrict the activities of mostly the operators in the informal sector, most of whom run micro, small to medium enterprises.

“Not to talk of roadside mechanics, barbers, hairdressers, vulcanizers, market men and women, artisans, hawkers, and laborers who earn their meal tickets from daily activities.

“The means of livelihood of these Nigerians are taken away from them through public protests that hamper them from accessing their trades and vocations, with untold negative consequences on the overall state of health of the economy.

“A street protest of this magnitude dislocates the economy and leaves behind scars. Everybody ends up as a loser.

“For the sake of the economy, therefore, it is always better to opt for dialogue through roundtable interactions.

“Indeed, economic indices are sure to nosedive if street protest lingers as it constrains productivity at personal and corporate levels, both in the public and private sectors”, he told DAILY POST.

DAILY POST reports that Plateau, Kaduna, Kano, and other Northern states announced curfew as the protests nosedived into violence, leading to loss of lives and properties.

The protests, tagged #EndBadGovernance, commenced on Thursday last week with rioters demanding an end to the high cost of living in Nigeria.